“Goldman did not immediately respond to requests for comment. A spokesperson previously described the claims as without merit and said the bank would defend them vigorously.” … “The LIA estimates that Goldman made substantial profit of around $350 million on the trades, while it was left with “colossal” losses. “
My poem titled the Company of the Oxbridgenites which I published in Mad World has a line in it that hints of the priviledged position which Goldman Sachs occupies in political circles.
And as many other commentators have said over the years (including one former Vice President of Goldman) it seems that the ‘toxic culture’ in Goldman is alive and well.
And its not hard to see why that may be true, not least by their actions here in the UK. Or indeed everywhere.
Those of you with a good memory will remember that in 2010, this happened, with the US Securities and Exchange Commission warning that “half truths and deception” would not be tolerated. Of course the bank denied the allegations. Unfortunately, there have been many acts of half-truths and deception over the years that its hard to believe them any more. Even in the UK, not too long ago, The FSA fined them £17.5 million for, well, for lying. And there are many of such incidents involving a brush with the law. Indeed few listed companies have courted controversy of any significant scale as Goldman Sachs has.
In my view, what is different between most white-collar swindlers and Goldman Sachs, is that Goldman is unbelievably influential. So influential it appears to always get away with it. So much so that, even after US Senator Carl Levin called its actions ‘ …deceptive and immoral’ , None of its directors were convicted. And critically, the company continues to be awarded huge public contracts, across the world! List me another public company that can boast of such slipperliness. This is a company which was misleading investors by selling them securities Goldman itself was betting against. White collar dishonesty doesn’t get any shadier. But as its been said in the past, it seems the attitude to Goldman from those with the power to prosecute them is too big to fail means too big to prosecute.
Otherwise why are they still prancing around from one controversy to another??
Its a bit like asking why Nicole Ritchie never goes to prison, when the felonies she commits lands ordinary people behind bars??
So while the case brough by Libya’s Sovereign Wealth Fund is but another chapter in the story of the vampire squid, a day comes when this slipperliness will catch up with them. You cannot rely on shady conduct and dishonesty forever…can you?
I can only hope I’ll be alive that day to see the drama that will unfold.
- Goldman Sachs handed record $550m fine over Abacus transaction
- Senate probe alleges Goldman mortgage deception
- Why I Left Goldman Sachs: Greg Smith on Business Ethics & the Financial Services Company (2013) -via You Tube